Neos S&P 500(R) High Income ETF
$53.45−0.26 (−0.48%)
- Expense ratio
- 0.68%
- Fund size
- $12.3B
- 1Y return
- +16.1%
- Yield · Last 12 months
- 12.78%
- Volume · 30D
- 2.8M sh
- NAV per share
- $53.70
- 52W range
The ETF.net SPYI Grade
Score 71 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.CScore 42Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.AScore 100Category rankRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 46Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 99Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.AScore 79Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 83Category rank
Our read on SPYI
ASPYI owns the S&P 500 and layers an SPX call spread on top: sell calls for premium, buy further-out calls to leave some room to climb. Monthly payouts, index-option tax treatment, running since 2022.
The fund seeks high monthly income through investments in S&P 500 constituents and a data-driven call-option strategy, while retaining potential for equity appreciation in rising markets.
Why people hold it
- The overlay is a net-credit call spread: it sells SPX calls and buys further out-of-the-money calls, so the fund keeps some participation when the index rises.neosfunds.comsec.gov
- Income comes from SPX index options, Section 1256 contracts taxed 60% long-term / 40% short-term regardless of holding period. Managers also pursue tax loss harvesting.neosfunds.comneosfunds.com
- Pays monthly, and the portfolio matches the mandate closely: S&P 500 constituents plus the option overlay. A multi-billion-dollar fund that trades actively.
Worth knowing
- At 0.68%, it prices above the typical fund in its options-income group (0.60% median), and cheaper index-option income peers exist, including IVVW at 0.25% and GPIX at 0.35%.
- Neos discloses that distributions have been classified as return of capital, which hands back part of your own investment and lowers your cost basis.neosfunds.com
- Writing calls trades away part of a rally. The fund aims to capture a portion of the index's upside, not the whole move.neosfunds.comneosfunds.com
SPYI Holdings
- Stocks
- —
- 39%
- NVDA
Sectors
- Technology39.4%
- Financials11.7%
- Communication10.0%
- Health Care9.2%
- Consumer Discr.9.0%
- Industrials7.5%
- Cons. Staples4.4%
- Energy3.5%
- Utilities2.0%
- Real Estate1.7%
- Materials1.6%
Geography
- United States97.98%
- Ireland1.14%
- United Kingdom0.40%
- Switzerland0.30%
- Netherlands0.09%
- Bermuda0.07%
- Canada0.01%
SPYI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPYI |
|---|---|
| Year to date | +11.9% |
| 1 month | +1.5% |
| 3 months | +4.7% |
| 1 year | +16.1% |
| 3 years | +17.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPYI |
|---|---|---|
| 2026 YTD | +11.9% | |
| 2025 | +16.7% | |
| 2024 | +19.0% | |
| 2023 | +18.1% | |
| 2022 | −2.5% |
SPYI in the news
ETF.net Research hasn’t filed on SPYI yet — coverage lands here as it’s written.
SPYI Dividends
- 12.78%
- $6.87
- $0.53 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Sep 16, 2026 | Sep 18, 2026 | $0.53 |
| Aug 19, 2026 | Aug 21, 2026 | $0.54 |
| Jul 22, 2026 | Jul 24, 2026 | $0.53 |
| Jun 16, 2026 | Jun 18, 2026 | $0.53 |
| May 20, 2026 | May 22, 2026 | $0.54 |
| Apr 22, 2026 | Apr 24, 2026 | $0.52 |
| Mar 18, 2026 | Mar 20, 2026 | $0.51 |
| Feb 18, 2026 | Feb 20, 2026 | $0.52 |
| Jan 21, 2026 | Jan 23, 2026 | $0.53 |
| Dec 24, 2025 | Dec 26, 2025 | $0.53 |
| Nov 26, 2025 | Nov 28, 2025 | $0.52 |
| Oct 22, 2025 | Oct 24, 2025 | $0.53 |
SPYI Risk
- 9.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.17
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −16.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.71
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPYI Cost
- The middle half of S&P 500 Option Income funds
- Median 0.60%
27 of the 51 S&P 500 Option Income funds charge less.